Indian soy complex up on short-covering; sugar gains

Indian soyoil futures recovered on Tuesday due to short-covering, taking cue from sentiment in rival palm oil futures, said trade analysts on Tuesday.

* Malaysian palm oil futures bounced back after hitting a more than one-week low in the previous session, as a recovery in overseas soy markets and a weaker ringgit lifted the tropical oil.

* At 1245 GMT, the key October soyoil contract on the National Commodity & Derivatives Exchange was quoted 1.2 percent higher at 599.5 rupees ($9.8) per 10 kg.

* Soybean futures reflected the sentiment of soyoil, while rapeseed futures ended up on vanishing old stocks in spots.

* The key November soybean contract was up 0.8 percent at 2,996 rupees per 100 kg, while the October rapeseed contract finished up 1.2 percent at 3,648 rupees per 100 kg.

* Oilseeds and soyoil futures are likely to edge higher in the next trading session on recovery.

SUGAR

Sugar futures edged up on short-covering, riding the upcoming festive season demand.

* The key December contract was up 0.3 percent at 2,775 rupees per 100 kg.

* In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when sugar demand surges in the world's biggest consumer of the sweetener.

CHICKPEA

Chana, or chickpea, futures ended up on new buying interest arising on news of the withdrawal of monsoon rains from some parts of the western region.

* The start of this year's monsoon retreat has a bearish impact as the late sown varieties would have gained had the withdrawal been delayed further, said a Hyderabad-based analyst.

* The October contract closed 0.5 percent up at 2,800 rupees per 100 kg.

GUAR SEED

Indian guar seed futures gained on bargain buying, but hopes of a bumper harvest due to good rainfall over the main growing areas of the north-western state of Rajasthan capped the upside.

* The October contract ended 0.3 percent higher at 5,737 rupees per 100 kg.

TURMERIC

Turmeric futures rose on short-covering, taking cue from the start of the annual monsoon rains from the South Asian country.

* The key October contract closed up 0.4 percent at 5,946 rupees per 100 kg.

CUMIN SEED

Jeera, or cumin seed, futures recovered as the monsoon rains in top producing Gujarat state have almost vanished, and boosted output prospects for the maturing crop.

* The key October contract closed up 0.2 percent at 10,640 rupees per 100 kg.

CORN, WHEAT

The October corn contract was flat at 1,081 rupees per 100 kg while October wheat edged down 0.3 percent to 1,593 rupees per 100 kg. (Reporting by Ratnajyoti Dutta; Editing by Prateek Chatterjee)